SLUMP IN STOCKS.

Timaru Herald, Volume XIC, Issue 13434, 5 November 1907, Page 5

SLUMP IN STOCKS.

SERIOUS EFFECT ON INDUSTRIES. ; ." -. i- —: —: r. . Press Association-By Telegraph-Copyright NEW YORK, November 3. . The financial deadlock in-America is seriottely affecting -'-industries. ■ Sixty thousand Workers tire idle owing to the temporary abandonment of undertakings and 'other causes. The difficulty of obtaining currency orders fio pay wages, is increasing. The i mints "ares working day and night coining. OUTLOOK STILL SfcRIOU-S. Received 11.16 p.m.. November 4th. LONDON, November 4. The " Times " says',that the money market outlook in the United States has not improved, and that, the acute stringency 'has" now established a premium on currency. At. the. same time there has bfcen a fceiviational rise in the rate of ; exchange in London Avhich is -shown by the report- that cablfe transfers have been dealt in at 490 ceiits per £1 sterling. This, however, is regarded with' satisfaction in London since at i'nt&ates the'-diminished power of the United Statm to italic diafts on Loudon, but it would be more fitting regard it' as a striking symptom of the weakness of the American position, and the severe .pressure to-.obtain remittances.